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1 Introductory Accounting by David H. Ringstrom, CPA, and Gail Perry, CPA, with Lisa A. Bucki A ALPHA A member of Penguin Random House LLC
2 Contents Part 1: Laying the Groundwork 1 1 How Accounting Works 3 Accounting Simplified 4 Accounting Terminology and Concepts 4 Books and Accounts f Debits and Credit! 5 Assets and Liabilities 6 T Accounts 7 How T Accounts Work 7 Using T Accounts # Recording Your Transaction. H Typical Accounting Transactions 13 Checks. 13 Invoices 14 Sales Receipts. 15 Credit Card Transactions 15 Recording Estimates and Sales Orders Selecting Your Business Structure 17 Organizing Your Business 18 Sole Proprietorsbifs 19 Partnerships. 20 S Corporations 21 Limited Liability Companies. 21 C Corporations. 22 Tax-Exempt (Nonprofits) 23 Your First Capital Infusion 24 Separating Business from Personal 24 Choosing an Accounting Method 25 Deciding on a Tax Year End 26 Zoning/Business License 27 Your Tax ID Number 27 Your Business Plan 27
3 iv Idiot's Guides: Introductory Accounting Part 2: Döing the Books 29 3 Choosing Accounting Software 31 The Importance of Accounting Software 32 Desktop Versus Cloud-Based Software 32 Common Desktop Accounting Packages 34 Quicken 34 QuickBooks Pro 35 QuickBooks Premier. 36 QuickBooks Enterprise 36 Sage SO. 37 Mid-Range to Enterprise Accounting Software 39 Common Cloud Accounting Programs 39 QuickBooks Online. 39 Xero. 41 FresbBooks 41 Point-of-Sale Software 42 QuickBooks Point of Sale 43 Revel Systems POS. 43 Changing Software 43 Getting Help with Your Accounting Software 44 4 Managing Your Accounts 45 Account Categories 46 Assets 46 Liabilities 48 Equity 50 Revenue 51 Cost of Goods Sold 51 Expenses 53 Other Accounts 53 Managing a Chart of Accounts 53 Making Everything Balance 54 Trial Balance 54 General Ledger Accounting for Inventory 57 The Importance of Tracking and Valuing Inventory 58 Inventory Item Types and Setup 59 Stock ltems. 59 Nonstock ltems 60
4 Contents v Assemblies. 61 Service ltems. 62 Special- Use ltems. 63 Physical Inventory Valuation Methods 63 Average Cost 65 First in, First Out 65 Last in, First Out. 66 Specific Identification 66 Keeping Count 67 Reordering 61 Taxes, Accounting, and Inventory 68 Physical Inventory Count 68 Inventory Adjustments 69 Reporting 70 Inventory Valuation Report 70 Sales by Item 71 ltems Sold to Customers 71 Physical Inventory List Report Döing Business Day to Day 73 Recording Sales 74 Customer Records 74 Sales Receipts. 75 Invoices 77 Receiving Payment 78 Making Bank Deposits 80 Sales Orders. 81 Customer Retainers and Deposits 81 Other Invoicing-Related Transactions 82 Paying Bills 83 Credit Card Purchases 84 Purchasing Inventory. 85 Purchase Orders 85 Processing Payroll 86 Voiding Checks 88 7 Tackling the General Ledger 89 The Importance of the General Ledger 90 Updating Transactions Directly 92 AdjustingJournal Entries. 92 Prior Year Adjustments. 97
5 vi Idiot's Guides: Introductory Accounting Finding Misplaced Transactions 97 Noncash Transactions 98 Nonposting Transactions 99 When Not to Use Journal Entries Reconciling Bank and Credit Card Statements 101 It's Not Just for Month-End 102 Preparing and Reconciling 102 Why Reconcile?. 103 Reconciling at a Glance 104 Startinga Reconciliation 104 Clearing Transactions 106 Making Corrections 107 Tips for Successful Reconciliations. 108 Automated Reconciliations 109 Reconciling Credit Card Statements 110 Tdentifying Transpositions 110 When You Can't Reconcile 111 Part 3: Employee-Related Accounting Setting Up New Team Members 115 Are You an Employee? 116 The Difference Between Employees and Independent Contractors 116 New Hire Paperwork 118 Federal Paperwork 118 State Paperwork 119 Local Paperwork 120 Rules for Hourly and Salaried Employees 120 Hourly Workers 120 Salaried Workers 121 Paying Owners 121 Payroll Processing Options 122 Third-Party Providers. 122 Accounting Software Options 123 Manual Calculations Understanding Insurance 127 Liability Insurance 128 Workers' Compensation 128 General Liability Insurance 130
6 Contents vii Product Liabitity Insurance 130 Directors' and Officers' Liability Insurance 130 Professional Liability Insurance 130 Automobile Insurance. 131 Cyber Risk Insurance. 131 Personal Umbrella Insurance 131 Property Insurance 132 Boiler and Machinery Insurance. 132 Business Interruption Insurance 132 Inland Marine Insurance 133 Health Insurance 133 Life Insurance 134 Tax Advantages 135 Health Insurance for the Self-Employed 13S Health Insurance Paid by Individuais 136 Recording Insurance Costs and Reimbursements Other Benefits and Reimbursements 139 Retirement Plans 140 SIMPLE IRAs. 140 Simple Employee Pensions (SEPs) (k) Plans 141 Keogh Plans. 141 Remitting Retirement Contributions 142 Government Oversight. 142 Vehicle Reimbursements 143 Other Reimbursements 144 Cafeteria Plans 146 Paid Vacation and Sick Leave 146 Paid Vacation 147 Sick Leave 147 Family and Medical Leave Act Payroll laxes 149 Withholding Taxes 150 Federal Withholding ISO State Withholding. 1S1 Local Withholding. 151 Social Security and Medicare 151 Social Security Withholding. 152 Medicare Withholding 152
7 iii Idiot's Guides: Introductory Accounting Unemployment Taxes 153 Federal Unemployment Taxes 153 State Unemployment Taxes. 154 Temporary Disability Insurance 156 Part 4: Financial Reporting Tracking Receivables and Payables 159 Payment Terms 160 Aged Accounts Receivable Report 161 Customer Statements 162 Collectability Risk 164 Finance Charges 165 Refunding Credit Balances 166 Writing Off Bad Debts 167 Managing Credit Risk 168 Aged Accounts Payable Report 169 Eliminating Zern Balances on Aging Reports The Big Three Financial Statements 171 The Profit and Loss, or Income, Statement 172 The Balance Sheet 174 Current Assets 175 Long-Term Assets 175 Current Liabilities. 176 Long-Term Liabilities 176 Equity 277 The Statement of Cash Flows 177 Cash Flow from Operations. 178 Cash Flow from [nvestingactivities. 178 Cash Flow from FinancingActivities 179 Reviewing Your Financial Statements 179 Reviewing Your Income Statement. 180 Reviewing Your Balance Sheet 181 When You Find an Error Internal Control and Minimizing Fraud Risk 187 Securing Your Accounting Records 188 Updating Your Accounting Software 189 Backing Up Your Accounting Records 189 Backing Up and Restoring Desktop-Based Data. 190 Backing Up Cloud-Based Data. 192
8 Contents ix Managing Identity Theft Risk 193 Securing Customer Information 193 Using Magnetic Swipe Card Readers 193 Securing Checks 194 Destroying Records 195 Disaster Recovery Financial Reports and Stakeholders 197 How the IRS Reviews Your Financials 198 What Lenders Are Looking For 199 Consistency. 199 CoUaterul. 199 Cash Flow 200 Minimal Revenue Concentrations 200 Financial Ratios 201 Depreciated Assets 201 Discretionary and Owner Expenses 201 Using Financial Ratios 202 Current Ratio 202 Quick Ratio 203 Debt-to-Equity Ratio. 203 Cash Flow Coverage Ratio 204 Performance and Probability Ratios 205 Accounts Receivable Turnover Ratio 205 Accounts Payable Turnover Ratio 206 Inventory Turnover Ratio 207 Part 5: Monthly, Quarterly, and Annual Activities Closing Your Books and Other Accounts 211 Monthly Accounting Procedures 212 Program-Specific Tasks 212 Bank and Credit Card Reconciliation 214 Balance Sheet Review. 214 Income Statement Review. 215 Inventory Analysis 215 Aging Reports Review. 216 Payroll Liabilities 211
9 z Idiot's Guides: Introductory Accounting Understanding the Trial Balance 217 Adjusted Trial Balance. 218 Accounts with Opposite Signs 218 Amortizing Prepaid Expenses 219 Checking and Correcting Balances 220 Lingering Balances. 220 Duplicate and Mistaken Transactions 220 Double-Cbecking Your Work 221 Year-End Procedures Remitting and Reporting Taxes 223 Remitting Payroll Taxes 224 Federal Payroll Taxes 224 Federal Unemployment Taxes 226 State Withbolding Taxes 227 State Unemployment Taxes. 227 Local Witbholding Taxes. 227 Reporting Payroll Taxes 228 Federal Payroll Taxes 228 State Withbolding Taxes 229 State Unemployment Taxes. 230 Sales Tax 230 Other Taxes 232 Annual State Registration Fee. 232 Business License Tax 232 Ad Valorem Taxes 232 Excise Taxes 233 Tourist Taxes Filing Business and Personal Tax Returns 235 Business Income Tax Returns 236 Sole Proprietorship 236 Partnerships. 237 S Corporations 237 C Corporations. 237 Limited Liability Companies. 238 Due Dates 238 Tax Return Extensions 239 Estimated Tax Payments 239
10 Contents xi Business State Income Tax Returns 241 Supporting Tax Forms 241 Form W ScheduleK Form Personal Income Tax Returns 243 Federal Income Tax Return 243 State Income Tax Return 244 Gelting Help Versus Filing on Your Own 244 Hiringa Professional 244 Filing on Your Own. 24S Tax Return Tips Recordkeeping Rule Book 247 Maintaining Your Accounting Records 248 Keeping Employee Records 249 Federal Requirements. 249 State Requirements 250 Local Requirements 250 Other Stakeholders 250 Dealing with Other Records 251 Records to Keep Permanently 251 Records to Hold Temporarily 252 On-Demand Records 253 Part 6: Data Analysis and Forecasting Working with Spreadsheets 257 Spreadsheet Options 258 Introduction to Spreadsheets 259 Spreadsheet Basics 259 Making Basic Cell Entries 261 Entering Formulas and Filling Entries 263 Inserting a Function 264 Finishing the Amortization Table Formulas. 266 FreezingRows On-Screen 268 Printing More Spreadsheet Tools and Techniques 271 Spreadsheet Templates 272 Accessing Templates 272 Types of Templates 273
11 Developing the Foundation of a Budget 273 Exportingfrom Xero. 274 Exporting front QuickBooks Desktop 275 Building Your Budget. 276 Maintaining a Skadow Accounting System 277 Forecasting Inflows 278 Forecastiug Outflows. 279 Analyzing Accounting Data 279 Filtering Data 279 Quick Analysis 280 Recommended Charts 281 Recommended PivotTables 282 Maintaining Supporting Schedules 283 Appendixes A Glossary 285 B Key Business Forms 293 Index 295
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